Toronto’s condo market moves fast, from resale units in Humber Bay Shores and Mimico to pre-construction towers across the city. The legal side of a condo purchase has a few extra layers compared to a freehold home. Here is how it works.

Resale condos: the status certificate

For any resale condo, your lawyer orders a status certificate from the condo corporation. This document reveals the corporation’s financial health, any pending special assessments, legal actions involving the building, and the reserve fund balance. A building with a depleted reserve fund or an upcoming special assessment can cost you thousands after closing. We review the certificate line by line and advise you before your condition deadline.

Pre-construction: the agreement and Tarion

Pre-construction purchases use the builder’s agreement, which is heavily weighted in the builder’s favour. Ontario law gives you a 10-day cooling-off period, and that is your window to have a lawyer review the agreement. We look at occupancy fee terms, the outside occupancy date, assignment clauses, and what happens if the project is delayed. New builds are also covered by Tarion warranty, and we make sure your agreement preserves those protections.

Toronto’s double land transfer tax

Buying in the City of Toronto means paying both the Ontario provincial land transfer tax and the Toronto municipal land transfer tax. This effectively doubles the tax compared to neighbouring cities like Mississauga. First-time buyers can claim rebates on both. We calculate your total tax and available rebates before you commit.

Closing

On closing day we handle fund transfers, register the transfer of ownership, and confirm your title insurance is in place. For pre-construction, there is an interim occupancy phase with monthly occupancy fees before final closing, and we guide you through both stages.

Planning a Toronto condo purchase? See our Toronto buying services or meet your Toronto real estate lawyer. Flat-fee pricing and a free quote.